Strategies to encourage property ownership in Terengganu

Strategies to encourage property ownership in Terengganu

The Terengganu state government is looking into several strategies to make property ownership equitable and fair for everyone.

The government has also decided to waive development fees for privatised type A and type B affordable housing projects built on public property starting April 2022, according to Ahmad Shah Muhamed, deputy chairman of the housing, health, and environment committee.

This decision was made to help and encourage developers to produce affordable housing so that more people can afford to own houses according to their capabilities, he said after officiating at the Terengganu Malaysia Property Expo (Mapex) 2022 yesterday.

According to Bernama, Menteri Besar Datuk Seri Dr. Ahmad Samsuri Mokhtar, in his address, which was read by Ahmad Shah, hoped that financial institutions would exercise greater flexibility when giving home loans, as is a prevalent worry among borrowers.

"Developers must also conduct more thorough market studies before launching a project. This is very important to ensure that the price and type of housing is in line with market demand and loan eligibility.

"If a project does not meet real market demand, it will result in unsold properties and disrupt a company's cash flow. What we do not want most is a project that cannot be completed or which becomes abandoned because this will hurt all parties," he said.

Some 1,620 properties worth RM450 million will be offered at the Kuala Terengganu City Centre's Mapex 2022, which runs until tomorrow.

Nine developers will exhibit their properties during the event, according to Mohamad Hishamudin Muda, chairman of the Real Estate and Housing Developers Association of Malaysia's (REHDA) Terengganu branch.

The properties available include bungalows, shop offices, single- and two-story terraced homes, semi-detached homes, and commercial buildings.

"Mapex is a one-stop centre that brings together property development players to provide under construction and completed units, as well as unique financing packages for potential buyers. REHDA Terengganu branch hopes the public will take advantage of this expo to purchase their dream home," Mohamad Hishamudin said.

Source: NST.com.my

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